The BIS Innovation Hub is moving forward with the next stage of testing for central bank digital currency (CBDC) privacy and plans to initiate a project in 2024 focused on tokenization using blockchain technology.
Additionally, they will be launching a blockchain-based tokenization project named Promissa.
This initiative is part of six new projects addressing various concerns such as cybersecurity, combating financial crime, CBDC development, and promoting green finance.
Cecilia Skingsley, the head of the BIS Innovation Hub, emphasized the significance of tokenization and hinted at more upcoming projects in this area.
Project Promise is a collaboration involving the BIS, the Swiss National Bank, and the World Bank. Its goal is to create a proof-of-concept platform for digital tokenized promissory notes.
These notes represent traditional financial obligations, and currently, many of them are paper-based and the BIS aims to complete the proof-of-concept by early 2025.
On the other hand, Project Aurum, jointly conducted by the BIS and the Hong Kong Monetary Authority, is advancing its research on the privacy of retail payments using Central Bank Digital Currencies (CBDCs).
Additionally, the BIS is launching four other projects—Project Leap, Project Symbiosis, Project Hertha, and Project NGFS Data Directory 2.0.
